The good : It's half the price of any other guitar package out there and the Amp is an awesome lil practice amp.
The bad : The guitar is not really destined to last.
If you've got a bit more money then other guitars/packages might be worth more, and if the amp isn't of so much concern you can get a good quality cheap Yamaha guitar for about 165 US$ and get a cheap practice amp for about 30 US$ and you've got a way better guitar and an amp that can pull it's weight.